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A daily summary of our news plus bite-sized updates from around the world.

COP27 is all about implementation. But where things will unravel is around compensating developing countries for loss and damage from climate change.

The post COP27 First Day: Climate backsliding and buyer’s remorse appeared first on RenewEconomy.

Progress is being made on systems to make hydrogen more economical to store and transport.

Report co-written by Nicholas Stern says figure required to switch away from fossil fuels and cope with extreme weather impacts

• Cop27 live – latest news updates

About $2tn (£1.75bn) will be needed each year by 2030 to help developing countries cut their greenhouse gas emissions and cope with the effects of climate breakdown, new data suggests.

The cash will be needed so that poor countries can switch away from fossil fuels, invest in renewable energy and other low-carbon technology, and cope with the impacts of extreme weather, according to a report that was commissioned jointly by the UK and Egyptian governments, and presented at the Cop27 UN climate summit.

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The sea level around Vanuatu is rising at a rate nearly twice the global average. New research tells a story of both loss and resilience. Karen E McNamara, Associate Professor, The University of Queensland Rachel Clissold, Researcher, The University of Queensland Ross Westoby, Research Fellow, Griffith University Licensed as Creative Commons – attribution, no derivatives.

Senate Estimates hears "hydrogen ready" gas plant will start out using fossil gas only, and to get to 30% green hydrogen will require a retrofit of new equipment.

The post “Unknown, uncertain, uncosted:” Snowy gets grilling on Kurri Kurri green hydrogen appeared first on RenewEconomy.

Report finds Australia has fallen well short of its climate finance commitments, joining other major western economies to fall tens of billions short.

The post Australia named among major economies not paying “fair share” of climate finance goal appeared first on RenewEconomy.

Pakistan is calling on Western nations to help after floods linked to climate change left millions homeless.

We are on the path to expanding our Carbon Technical Team and are looking for a highly experienced, Senior Carbon Technical Expert who could build and lead an inhouse technical team and who will report directly to our CEO.

EU legislators must consider making more radical changes to EU ETS reform and CBAM legislation than are currently on the table, climate NGOs and industry representatives said in a joint letter on Monday ahead of negotiations on the bills due this week. 

The EU must adopt a more stringent way of reporting its climate spending to ensure funding is targeting emissions cuts and to avoid ‘greenwashing’, several cross-party committees of the European Parliament said on Monday. 

The outcome of the US midterm elections on Tuesday is likely to have few immediate impacts on prices for California Carbon Allowances (CCAs) and RGGI Allowances (RGAs), though the results could have a more profound influence in the longer term.

Prime minister tells summit Britain will honour commitments but makes no mention of reparations

Rishi Sunak has said it is “morally right” that Britain honours its climate change commitments in his speech at Cop27, but he made no mention of paying reparations after Boris Johnson said the country cannot afford to do so.

The prime minister made a very short appearance on the world stage on Monday, after making a very public U-turn on his attendance in Egypt – the same reversal that may have left him living in Johnson’s shadow, as he was forced to speak hours after his rival.

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Britain had said its aim was to ‘keep 1.5C alive’. The prime minister seems to want it dead

Rishi Sunak is not interested in the climate emergency – and everyone knows it. Forced to make a flying visit to Cop27, Mr Sunak’s intransigence made him an outcast at the UN summit in Sharm el-Sheikh, Egypt. He did sit down with France’s Emmanuel Macron, and the Italian far-right prime minister, Giorgia Meloni, to discuss a subject – “illegal migration” – that Mr Sunak obviously cares about. But most world leaders were not going to make time for a prime minister who had blocked Britain’s new monarch from attending the summit and only came because he feared being upstaged by Boris Johnson. When Mr Sunak did turn up, it was with his predecessor’s plan and slogans. Embarrassingly, Mr Johnson did take centre stage at Cop27 – from the sidelines.

The prime minister’s track record reveals a politician who governs in the Tories’ narrow political interest rather than the national one. Slashing fuel and air duties as chancellor just days before the last Cop summit – hosted by the UK – showed his true colours. Pledges to curtail onshore wind and solar development during the Conservative leadership campaign signalled that personal ambition was more important than climate goals. In Cop26, countries signed up to reduce carbon dioxide emissions to limit global heating to 1.5C above pre-industrial temperatures. Britain had wanted to “keep 1.5C alive”. Mr Sunak seems to want it dead.

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The layouts of our cities and their transport systems were not planned with women in mind. Inflexible services and inconveniently located schools, childcare and workplaces pose daily challenges. Dorina Pojani, Senior Lecturer in Urban Planning, The University of Queensland Licensed as Creative Commons – attribution, no derivatives.

Rishi Sunak told the UN climate summit COP27 that there is room for hope.

A US-headquartered environmental campaign organisation has added another veteran UN climate negotiator to its roster of carbon market experts.

Standardised offset prices slipped sharply at the end of the week, particularly for nature-based offsets, as the expected feelgood factor from COP27 summit in Egypt failed to materialise, although sources noted some over-the-counter sellers were turning bullish.

Images from Sharm el-Sheikh in Egypt where world leaders are gathering to discuss the climate crisis

• Cop27 live coverage: latest updates

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The UK will launch a new disclosure framework on Tuesday for corporate climate plans that it says will outline a "gold standard" for transition strategies, largely based on existing disclosure rules in force in the country that cover all three scopes of value chain emissions, officials told a briefing at COP27.